S&P500 Found the Support it needed for 6800.

The S&P500 index (SPX) gave us an excellent bottom buy signal last week (September 30, see chart below), rebounding straight after and quickly hitting our 6720 Target:

This time we focus on a much shorter term Channel Up pattern that has emerged, which has just given us another buy signal as it is currently bouncing on its 1H MA50 (blue trend-line).

As long as the 1H MA100 (green trend-line) holds and the 1H RSI breaks above its Lower Highs trend-line, we expect the index to seek a new Higher High on the 2.0 Fibonacci extension at 6800.

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